It’s all change as old £1 coin expires

THE old round pound has ceased to be legal tender.

The coin rolled out of general circulation at midnight, even though hundreds of millions of coins are yet to be handed in.

Major banks and building societies have said they will continue to accept deposits of the old round pound after last night’s deadline. People can also deposit them into any of their usual high street banks or through the Post Office.

Martin Kearsley, banking services director at the Post Office, said: “Thanks to an agreement with all UK high street banks, everyone can deposit old pound coins into their usual high street bank account at their local Post Office branch.”

Some major stores have said they will give shoppers an extra window of opportunity to spend their old round pounds after October 15.

Iceland and Poundland said they will continue to accept the coins until October 31, while Tesco said it will continue accepting them for a week after the deadline.

One pound coins were launched on April 21, 1983 to replace £1 notes. The Royal Mint has produced more than two billion round pound coins since that time. The new 12-sided pound coin, which resembles the old threepenny bit, entered circulation in March and boasts new high-tech security features to thwart counterfeiters.

It follows concerns about round pounds being vulnerable to sophisticated counterfeiters.

Around one in every 30 old-style pound coins in people’s change in recent years has been fake